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Britain's First World War debt to be repaid in full

Britain's First World War debt is to be repaid in full, George Osborne has announced.

The Government will redeem the £1.9 billion of debt from the outstanding 3.5% War Loan - which was issued in 1932 to reduce the costs of servicing the national debt - in March 2015.

Britain is to pay off the debt it incurred in the First World War. Credit: PA Wire

Chancellor George Osborne said it was a "moment for Britain to be proud of", adding: "We can, at last, pay off the debts Britain incurred to fight the First World War.

"It is a sign of our fiscal credibility and it’s a good deal for this generation of taxpayers.

"It’s also another fitting way to remember that extraordinary sacrifice of the past."

Queen and Prince Harry attend remembrance events

Both the Queen and Prince Harry attended remembrance events today marking one hundred years since the start of the First World War.

The Queen and Duke of Edinburgh opened a new memorial garden in London dedicated to those killed at Flanders.

Prince Harry was at Westminster Abbey where he laid a cross in memory of the thousands killed in both world wars.

ITV News' Royal Correspondent Tim Ewart reports:

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